Chinese Firm to Build Tallest Residential Tower in Western Europe in U.K.

Despite Brexit, China’s investment in London property continues

BY Kathryn Hopkins

| ORIGINALLY PUBLISHED ON September 6, 2016

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The recent wave of Chinese investment into London property showed no sign of slowing down despite the Brexit decision as Greenland Group announced plans to build the tallest residential tower in the U.K. and Western Europe.

China’s biggest private property company this week unveiled plans for the 771-foot tall, 67-story Spire London in theDocklands neighborhood in the east of the city, which will have 861 apartments, of which 765 are for private sale. They include suites, one, two- and three-bedroom apartments, and three-bedroom duplex penthouses.

The £800 million skyscraper will also provide a hotel-style concierge, retailing, a residents’ gardens and other five-star lifestyle amenities, including a 35th floor Spa and Club Bar. Residents will have views of the River Thames, Canary Wharf, the City of London, and far beyond.

The construction of Spire London is underway and it is due for completion in 2020. Apartments are priced from around £595,000 to £3 million and CBRE and JLL, two global real estate agents, are the sales agents.

The move comes despite concerns that demand for upmarket London homes is slowing after the country voted to leave the European Union earlier this year. A double whammy of higher sales tax has also been weighing on demand.

"This tower will be Western Europe’s tallest residential building and underlines London’s enduring status as a world-class city and destination," said Yuliang Zhang, chairman and president of Greenland Group. "This is Greenland Group’s most important project in Europe, and will deliver exceptional new homes for Londoners."

However, the skyscraper could reignite controversy, too. Like several other buildings in the capital, there will be separate door for affordable housing tenants, dubbed "poor doors," who will occupy 96 apartments.

DISCLAIMER: The currency conversion is provided for illustration purposes only. It is meant only as an approximation based on the latest information available and should not be relied upon for any other purposes. We are not responsible for any loss that you may incur as a result of relying on these currency conversions. All property prices are as stated by the listing agent.

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